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Mortgage Business Grows at PrimeLending

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Quarterly mortgage production picked up at PrimeLending as its parent company prepares for an upcoming merger.

Data provided to Mortgage Daily by the Dallas-based lender indicates that third-quarter residential loan originations were $3.885 billion. Based on the number of mortgages closed, production amounted to 18,701 loans.

Business was better than in the second quarter, when PrimeLending funded 15,608 loans for $3.119 billion.

Activity also improved from the third-quarter 2011, when mortgage production was $2.448 billion.

During all three quarters so far in 2012, home-loan originations totaled $9.761 billion.

All of the latest quarter’s fundings were originated through the retail channel.

The lender reported that its mortgage servicing portfolio stood at 1,161 loans for $0.201 billion as of Sept. 30. The owned portion of the portfolio was $0.021 billion, while the third-party portion was $0.201 billion.

PrimeLending said its mortgage staff totaled 2,590 people as of the end of September.

PlainsCapital Corp., the parent of PrimeLending, disclosed in May plans to become a subsidiary of Hilltop Holdings Inc. The merger is subject to regulatory approval and expected to close by Dec. 31.

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